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iBuying ramps up after pandemic pause and despite hot real estate market for sellers
April 23, 2021 at 10:03 am
(Zillow Photo)
After taking a hit during the beginning of the pandemic, iBuying is ramping up with dozens of companies racing to streamline home offers online.
Seattle giants Redfin and Zillow Group to SPAC-backed upstarts Offerpad and Opendoor are all aiming for the opportunity to become a one-stop shop for sellers. Their ambitious plans went on pause last year when the pandemic began as home-buying efforts slowed.
“But what we see from Q4 (2020) results is that iBuying is starting to take off, even in the hottest seller’s market in history,” said Rob Hahn, managing partner at real estate consultancy 7DS Associates.